The process of technological modes evolution is analyzed, institutional and regional factors accompanying the change of technological structures are considered. It is shown that the evolution of economics proves the greater force of inertia of the existing economic thinking in comparison with the inertia of the real sectors of the economy. At the same time, in the process of economic science development, there is a delay in the cyclic trajectory, which creates prerequisites for subsequent cycles in the form of limited, incomplete and untimely knowledge. In the conditions of the modern economy, the instability of national markets has become obvious, which is accompanied by formal institutions that are unable to protect property from the point of view of Adam Smith’s theoretical positions, which ensured the formation of conditions for further development. Today, these positions embody the main contradictions of the stage of global capital, which violated the basic norms of capitalist behavior, which was the main economic institution of the market. It was this institution that made it possible to preserve political and economic democracy and ensure equal profits on equal capital.